Gold prices are expected to continue to rise sharply; Will the USD price continue to plummet?

Viet Phuong (According to Congthuong.vn) DNUM_CAZBBZCACD 07:04

(Baonghean.vn) - Today's market information: Gold price is forecast to continue to increase strongly; Will USD price continue to decline? Domestic coffee price is still at a decreasing level...

Gold prices are expected to continue to rise sharply.

At the time of survey at 5:00 a.m. on November 20, 2023, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 69.95 million VND/tael for buying and 70.75 million VND/tael for selling.

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Gold prices are expected to continue to rise sharply.

At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 70.10 - 70.60 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 70.00 - 70.75 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 70.00 - 70.75 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 1,980.730 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 57.223 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 12.727 million VND/tael higher than the international gold price.

In the trading session last week, gold prices recorded the strongest increase in a month due to the weakening of the USD and US bond yields after the US announced some important economic data.

According to the latest Kitco News survey, retail investors are still bullish on gold next week, while some analysts are predicting a sideways trend in the short term.

Will the USD price continue to fall?

The central VND/USD exchange rate today (November 20) was announced by the State Bank to be adjusted to 23,972 VND/USD, up 1 VND compared to the closing price of the trading session on November 17.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,120 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank of Vietnam (SBV) from 23,400 to 25,120 VND/USD.

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Currently, the exchange rate allowed for transactions by commercial banks ranges from 23,400 - 25,120 VND/USD.

The USD exchange rate at banks and domestic foreign exchange rates this morning recorded a series of downward adjustments at banks. Specifically, Vietcombank has a buying price of 24,045 and a selling price of 24,415, down 40 VND compared to the closing price of the trading session on November 17. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.

In the world market, the Dollar Index (DXY), measuring the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 103.82 points - down 0.51% compared to trading on November 17.

The US Dollar has fallen sharply from 106.95 points to 103.82 points. This comes from market pressures and the US Federal Reserve (FED) pausing interest rate hikes at its November meeting, US inflation lower than expected causing the value of the greenback on the international market to reverse and fall sharply.

Domestic coffee prices remain low

Domestic coffee prices were updated at 5:00 a.m. on November 20, 2023, stable and at a fairly good level. Currently, the average coffee price in the Central Highlands provinces is about 58,500 VND/kg, the highest purchase price in Dak Lak province is 58,800 VND/kg.

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Coffee prices in the Central Highlands provinces are currently around 58,500 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is quite high at 58,500 VND/kg; In Dak Nong province, coffee is purchased at 58,500 VND/kg.

The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, is purchased at 58,100 VND/kg.

In Cu M'gar district, Dak Lak province, coffee was purchased at the highest price, at 58,700 VND/kg; and in Ea H'leo district, Buon Ho town, it was purchased at the same price of 58,800 VND/kg.

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Gold prices are expected to continue to rise sharply; Will the USD price continue to plummet?
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